Argentina wants bigger Brazil role in oil market

AP News
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Posted: Apr 20, 2012 8:50 PM
Argentina wants bigger Brazil role in oil market

Argentina's planning minister says he wants Brazil to increase its share in his country's oil sector even as it expands government control over the market.

Julio de Vido spoke in Brasilia while meeting with government officials Friday to discuss Argentina's expropriation of the controlling stake in Argentina's energy company YPF.

De Vido met with Brazil's energy minister and the president of state-run oil giant Petrobras and told reporters that Argentina would like to see Petrobras increase its Argentine market share from 8 percent to 15 percent.

Brazilian Mines and Energy Minister Edison Lobao says Petrobras invested $500 million in Argentina last year and will invest the same amount In 2012.

De Vido says Petrobras' assets in Argentina will not be expropriated.